Things you Should Consider before Buying Property

| October 22, 2015

Things you Should Consider before Buying Property

Buying a new home or a commercial property can be one of the biggest investments you ever make. Naturally, it follows that you need to be very careful when you make that decision. Before signing on the dotted line and committing yourself to several years of mortgage payments and other such financial repercussions, make sure that you get a fair deal and the property you buy is worth every penny.

The Considerations

To make sure that you’re buying the right property, consider the following points. Your real estate agent would probably give you the same advice, but it bears repeating:

  • Inspect as Many Times as You Can – As a buyer, it’s your right to make sure that you’re making the right purchase. While dropping by unannounced is bad form, booking several walk-through appointments is a good idea. But it’s not just the home you need to inspect; you should look at the general area as well. A visit during evening times, during weekends, and during rush hours, etc, can give you an idea about what to expect with regards to the noise levels and the crowd.
  • Check the Neighbourhood – It’s a good idea to check if the neighbourhood is to your liking and is safe. Look into the crime rates of the idea, speak to any neighbours, and walk through the place at different times of the day. This would help you understand the neighbourhood and see if you can live in the space for a long time. 
  • Test your Commute Time – The commute time should be right up there with the property cost when it comes to your purchase decision. Most people think that commute time can be sacrificed in favour the home design, or its price, etc. The cost can affect your decision, but it’s a good idea to pay a little bit more for a better commute. Test your potential commute by driving during the rush hour as you normally would. This would give you a better idea about the suitability of the house. 
  • Don’t Miss the Inspections – The property should be thoroughly inspected before purchase. This inspection includes building, pest, valuation, etc. You need to make sure that your home title is free and clear. If there are any liens on the property, it can become expensive for you down the line. Inspections might take time and cost some money, but they’re worth the effort and expense.
  • Get All Information about the Expenses Involved – Talk to the sellers and the neighbours about all the expected expenses you’ll have to endure as the owner. Your monthly expense won’t just include mortgage payments; it’ll include taxes, association fees, property maintenance, and utility bills, etc. You should ask the owners about all expenses related to the monthly management of your new property. This would give you a fair idea whether your new home is worth the investment or not.

If you want to hire a good and reliable real estate agent, start looking by browsing through the Hotfrog New Zealand’s Real Estate page. You’re sure to find someone that addresses your needs here.